1986-19 RESOLUTION NO. 86- 19 .
RESOLUTION OF THE CITY COUNCIL OF THE CITY
CITY OF GRAND TERRACE, SAN BERNARDINO COUNTY,
CALIFORNIA, APPROVING AND AUTHORIZING EXECU-
TION OF A PURCHASE AGREEMENT INCIDENT TO THE
SALE OF REFUNDING CERTIFICATES -OF PARTICIPA-
TION IN THE ESTIMATED PRINCIPAL AMOUNT OF
$4 , 000, 000 AND MAKING OTHER DETERMINATIONS
WHEREAS, the City Council of the City of Grand Terrace (the
"City") has heretofore undertaken and completed certain public
improvements generally described as follows:
Construction of a Civic Center including
appurtenances and appurtenant work and other
costs and expenses incident thereto
hereinafter called "Project" ; and
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace (the "Agency") , is a redevelopment agency duly
created, established and authorized to transact business and
exercise its powers, under and pursuant to the Community
Redevelopment Law (Part l of Division 24 of the Health and ,'
Safety Code of the State of ;California) and the powers of the
Agency include the power to pledge tax increment and other-,
revenues and to issue evidences of indebtedness for any of its,
corporate purposes; and
WHEREAS, the City has heretofore caused $3,430, 000 Certifi-
Cates of Participation (the "Certificates") to be issued to
finance the Project and the Agency has heretofore pledged Tax
Increment Revenues to secure payment of interest and principal
to owners of the Certificates; and
WHEREAS, the City Council proposes to cause issuance and
sale of an estimated $4, 000, 000 Refunding Certificates of
Participation (the "Refunding Certificates") to accomplish an
advance refunding of the original Certificates; and
WHEREAS, the 'City Council has determined that' it is in the
best interests and for the common benefit of the residents and
landowners of the City that the sale of the Refunding Certifi-
cates be negotiated with
M. F.. WHIPPLE & CO. , INC.
hereinafter called the "Underwriter" ; and
WHEREAS, the City Council has received and reviewed a
Purchase Agreement for the purchase of the Refunding
Certificates by the Underwriter:
NOW, THEREFORE, the City Council of the City of Grand
Terrace does hereby .RESOLVE, DETERMINE AND ORDER as follows:
Section 1. The above recitals are all true and correct.
Section 2 . The City Council hereby approves and authorizes
the Purchase Agreement and directs its officers to execute the
Purchase Agreement for the sale of the Refunding Certificates to
the Underwriter in the form on file with the City Clerk.
r
Section 3 . This resolution shall take effect upon its
adoption and the City Clerk shall certify to the adoption
thereof.
ADOPTED this 13th day of March, 1986.
ATTEST.
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APPR VED AS TO FORM:
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City Attorrk-y
2 .
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN BERNARDINO )
I, ILENE DUGHMAN, City Clerk of the City of Grand Terrace,
DO HEREBY CERTIFY that the foregoing resolution, being Resolution
No. 86-19 , was duly adopted by the City Council of said City at
a duly called and conducted meeting of said City held on the 13th
day of March, 1986, and that it was so adopted by the following
vote:
AYES: Councilmembers Matteson , Petta , Pfennighausen , Evans ;
Mayor Grant
NOES: None
ABSENT: None
City Cl _
(SEAL) _